https://www.taxtmi.com/caselaws?id=791257 A society engaged in promoting arts and cultural activities was allowed to claim its loss and related expenditure because the revenue failed to prove any sham, bogus, prohibited, capital, or otherwise non-genuine outgo. The Tribunal held that absence of registration under section 12A or 12AA did not by itself show a profit motive, and payments to group concerns or in round figures did not, without supporting material, establish excessiveness or lack of genuineness. The books were not rejected under section 145(3), vouchers and audit material were on record, and a prior small surplus did not justify adverse inference. The disallowance was therefore not sustainable. en-us Thu, 30 Apr 2026 00:00:00 +0530 Fri, 08 May 2026 07:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791257 A society engaged in promoting arts and cultural activities was allowed to claim its loss and related expenditure because the revenue failed to prove any sham, bogus, prohibited, capital, or otherwise non-genuine outgo. The Tribunal held that absence of registration under section 12A or 12AA did not by itself show a profit motive, and payments to group concerns or in round figures did not, without supporting material, establish excessiveness or lack of genuineness. The books were not rejected under section 145(3), vouchers and audit material were on record, and a prior small surplus did not justify adverse inference. The disallowance was therefore not sustainable. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791257